Win new business by staying up to date on the trends in the industry
By John Thorton
The sales of voluntary benefits have been steadily increasing over the last decade and brokers are benefiting. The Eastbridge Consulting Group’s latest data showed that benefit brokers (i.e., those who primarily sell core or employer-funded products as well as voluntary benefits) increased their voluntary sales by 7% in 2022 with total sales of $5.9 billion or two-thirds of the entire market. Classic brokers who focus on voluntary products saw their sales decline by 1% to $850 million and 10% of the market, while worksite specialists (i.e., large marketing organizations that focus on voluntary sales) experienced a slight increase to $788 million and 9% of the market. Voluntary sales are trending higher in larger employer groups and in certain states. Regardless of these distinctions, voluntary benefits represent a significant opportunity for all brokers. To capture higher voluntary benefit sales, it is important to understand the latest market developments.